UK govt considers ban on credit card gambling

The government is planning a ban on credit cards for gambling. Credits: fool.co.uk

The government is considering a ban on the use of credit cards for gambling activity.

UK.- Jeremy Wright, culture secretary of the United Kingdom, has urged retail banks and bookmakers to gather to discuss new measures to prevent people from spending too much money on gambling. One of the proposals includes a ban on credit cards for gambling, as it is believed that up to 20% of deposits of gambling companies are made using credit cards.

Wright’s statement comes just a month before the UK Gambling Commission (UKGC) launches a review on the risks of online and land-based gambling on credit, which could lead to future new regulations. “Protecting people from the risks of gambling related harm is vital and all businesses with connections to gambling – be that bookmakers, social media platforms or banks – must be socially responsible,” said Wright.

The culture secretary said that the government will not hesitate to act if businesses don’t continue to make progress in the area and do all in their power to ensure vulnerable people are protected.

In the last few weeks, high street banks, including Barclays, Lloyds and Santander, introduced new measures that allow customers to block spending on gambling through their mobile banking apps. Wright welcomed the initiative but asked them and building societies to follow suit.

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